On July 1, 2025, Whispering Inc. made two sales It sold land having a fairy of $1,425.116. The land i 1 2. of $905.690 in exchange for a 4-year zero interest bearing promisson on Whispering's books at a cost of $594,100 It rendered services in exchange for a 3%, 8-year promissory note having a face value of $408.280 interest payable anually Whispering Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest No. Record the two journal entries that should be recorded by Whispering inc. for the sales transactions above that took place on July 1, 2025 (Round present value facto ulations to 5 decimal places, eg 1.25124 and final and O decimal places, eg 5.275. Eno entry is account titles and enter O for the amounts Credit account sites are automatically indented when the amount required, select "No Entry f is entered. Do not indent manually debit entries before credit entries) 2 Date July 1, 2025 July 1, 2025 the face amount Account Titles and Explanation Debit Credit Attempts 0 of 1 used Submit An
On July 1, 2025, Whispering Inc. made two sales It sold land having a fairy of $1,425.116. The land i 1 2. of $905.690 in exchange for a 4-year zero interest bearing promisson on Whispering's books at a cost of $594,100 It rendered services in exchange for a 3%, 8-year promissory note having a face value of $408.280 interest payable anually Whispering Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest No. Record the two journal entries that should be recorded by Whispering inc. for the sales transactions above that took place on July 1, 2025 (Round present value facto ulations to 5 decimal places, eg 1.25124 and final and O decimal places, eg 5.275. Eno entry is account titles and enter O for the amounts Credit account sites are automatically indented when the amount required, select "No Entry f is entered. Do not indent manually debit entries before credit entries) 2 Date July 1, 2025 July 1, 2025 the face amount Account Titles and Explanation Debit Credit Attempts 0 of 1 used Submit An
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
Transcribed Image Text:Current Attempt in Progress
On July 1, 2025, Whispering Inc. made two sales
1.
It sold land having a fair value of $905,690 in exchange for a 4-year zero interest -bearing promissory note in the face amount
of $1,425.116. The land is carried on Whispering's books at a cost of $594,100
It rendered services in exchange for a 3%, 8-year promissory note having a face value of $408.280 (interest payable annually.
2.
Whispering Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two
transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Whispering Inc. for the sales transactions above that took place on July 1,
2025. (Round present value factor calculations to 5 decimal places, eg 1.25124 and final answers to 0 decimal places, eg 5,275. no entry is
required, select "No Entry for the account titles and enter O for the amounts Credit account titles are automatically indented when the amount
is entered. Do not indent manually List all debit entries before credit entries)
No. Date Account Titles and Explanation
July 1,
2025
1
2
July 1
2025
Debit
1000
Credit
Attempts: 0 of 1 used Submit A
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